Bitcoin prices slid to $107,000 after a correction. BTC, which is approaching $100 now, could be bid upon in the near future.
- Bitcoin began a downward correction after it fell below the $107,000 level.
- Price is below the Simple Moving Average of 100 hours and $103,500.
- On the hourly chart for the BTC/USD, there was a breakdown below the connecting bullish line that had support at $104,800 (data from Kraken).
- If the pair stays above $100,000, they could begin another rise.
Bitcoin Prices Drop Again
Bitcoin Price started at a decent upward move Above the $105,500 Zone. BTC managed to move above the $106,000 level and $106,500.
Bulls pushed price even above $107,000. The bears, however, were very active over the $107,000 area. The price has corrected gains after a high of $107,080 was reached. The price moved below $105,000.
On the BTC/USD chart hourly, there has also been a breakdown below a bullish connecting trendline with support of $104,800. The pair was tested at the $104,700 area. The pair has now reached a low of $100,700.
Bitcoin’s price has fallen below the $103,500 mark. 100 hourly Simple moving average. The immediate resistance on the upside is around the $102,200 mark or the Fib 23.6% retracement of the decline from the swing high at $107,080 to the low price at $100,700.
Near the $104,000 mark, we find our first major resistance. This is very close to 50% of the Fib level of the move downward from the $107 080 swing low to the $107,000 low. The price could move higher if it clears the $104,000 barrier. The next major resistance may be $105,000.
If the price closes above $105,000, it could send it higher. The price may rise in the case stated and try to test the $106,200 level of resistance. If the price gains more, it could push the price towards the $107,000 resistance level.
BTC: More losses in the BTC market?
Bitcoin could begin a correction to the downside if it fails to break through $102,200. The immediate support for the downside lies near the level of $100,500. First, the support level is around $100,000.
Next support zone is near $88,500. If the market continues to fall, it could push the price down towards $86,500 in the near future.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $100,500, followed by $100,000.
Major Resistance Levels – $102,200 and $104,000.
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Source: www.newsbtc.com
